Two Men Face Charges for $181 Million GST Fraud Involving Shell Companies in Singapore

• Two men, aged 40 and 73, charged for involvement in a $181 million GST Missing Trader Fraud in Singapore.
• They allegedly set up four shell companies to conduct fraudulent business between November 2017 and April 2018.
• The men are accused of creating sham transactions to claim GST from IRAS.
• Both face four counts of fraudulent trading under the Companies Act.
• The 40-year-old man allegedly submitted fraudulent GST refund claims and forged a supplier’s invoice.
• He faces additional charges of attempted cheating, forgery, and cheating under the Penal Code.
• Possible punishments include imprisonment and fines for each charge.
• Authorities emphasize strict enforcement against tax offences.
• Businesses are advised to perform due diligence to avoid involvement in Missing Trader Fraud.

Source: iras.gov.sg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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